I have been reading about Subsea resources, and I will be keeping an eye on the stock, as their first salvage operation is imminent, and it will be interesting to see what level of sucess they can achieve, measured against their expectations.



SubSea Resources has been formed to salvage cargoes from cargo ships that have been lost in deep water. Only a handful of wrecks have been salvaged in water depths exceeding 1000 metres, whereas hundreds have been worked on in depths down to 300 metres. The barrier to deeper work has been a lack of technology, which is now available mainly due to developments in the offshore oil and gas industry.

Sonar scan of wreck

SubSea Resources has identified at least 70 commercial salvage targets and has identified twenty major target vessels containing cargoes with a gross value of over $450 million (based on recent LME metal prices and contemporary lading records). In the first phase of the companys business plan it aims to raise the cargoes from six of these vessels over the next three years.


In addition, it is anticipated that certain historic cargoes may be integrated with the commercial salvage operations. Some of the historic targets have potential values of many millions of dollars each, bringing the combined value of identified historic and commercial targets to well over $1 billion.




Initial Salvage Targets

SubSea Resources has an initial programme to salvage the cargos of six commercial wrecks in the period to 31 March 2008. The gross value of these six wrecks is estimated at US$180 million.

The wrecks allow for a mix of weather conditions - allowing for both northern summer and winter working conditions. All wrecks are in international waters and all of the cargoes will be recovered through contracts with the legal owners. The water depths range from below 1500 meters to 5000+ meters.




Corporate website : http://www.subsearesources.com/index.php

subsea location of wreck.

SubSea Resources PLC
13 November 2007


SubSea Resources plc

Successful location of target vessel

SubSea Resources plc ('SubSea' or 'the Company') is an AIM-listed company which
specialises in the research, survey and salvage of high value non-ferrous metals
and other valuable cargoes from deep-water ship-wrecks

The Board of Subsea is pleased to announce that the Company's survey vessel '
John Lethbridge' has located and positively identified a wreck, code-named
Audrey. This ship is located in deep water in the Eastern Atlantic, close to
project Miranda, and at the time of sinking was carrying a cargo of non ferrous
metals which are estimated to have a gross value of approximately $28m at
today's prices.

Discovery of Audrey followed three days of searching for the vessel using the
sonar equipment on board the John Lethbridge. The target was only a few nautical
miles from the theoretical sinking position, as established from contemporary
records which are held in the Company's archives.

The John Lethbridge, the Company's 75 metre long survey ship, has provided a
stable platform for these operations which are taking place in mid November and
are on-going.

The sonar, which was towed over 8 kilometres behind the ship, was able to plot
the wreck coordinates with great accuracy, allowing the Remote Operating Vehicle
('ROV') to quickly find the target, which is lying at a depth of more than 4500
metres. The ROV has provided very clear video and stills images, which will be
required to plan future salvage operations.

http://www.euro2day.gr/articlesfna/47788020/

UK small caps close higher, Subsea Resources jumps on wreck find
13/11/2007 16:56 London Time | story 1150
LONDON (Thomson Financial) - UK small caps closed up, tracking the positive trend in the wider market, with Subsea Resources jumping over 34 pct in afternoon deals on news that it has located a valuable wreck.
At the close, the FTSE Small Cap index was up 3.8 points at 3,656.5, while the FTSE 100 added 24.5 to 6,362.4.
Among small-cap gainers, the high-value metals salvage company Subsea Resources leapt over 34 pct, or 0.300 of a penny to 1.175 pence in late afternoon deals, after news emerged that its survey vessel has located a wreck with an estimated 28 mln usd of cargo.

I expect it will soon sink back again and then some..............

I think so to, but still 2k at 1p now up to 1.6p still money to be made if your timing is right !


From The TimesNovember 14, 2007

Small capsRobert Lindsay
The discovery of a wrecked ship deep under the eastern Atlantic carrying an estimated $28 million (13.5 million) of nonferrous metals gave some much needed life to Subsea Resources, the treasure-seeker, yesterday. Its bombed-out shares rose 0.3p to 1.175p, perhaps proving that Philip Richards, of RAB Capital, was right to build a 30 per cent stake in the struggling company.

http://business.timesonline.co.uk/tol/business/markets/article2866533.ece

sub sea now shooting up in price. lots of people buying but not selling after finding a wreck worth aprrox 14 million pounds.

Market Capitalisation: 5.33 million
Shares In Issue: 355.59 million
Historic PE: -0.13


http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/11/14/cxmktrep114.xml

some big buys going on.

I CONSIDERED IT AT 1.53P. BUT THEN WITH FIDELITY SELLING 2 MILLION SHARES, I THOUGHT THE BROKERS WERE JUST SELLING ON AS THE PRICE STOPPED MOVING, BUT PURCHASES KEPT COMING, I RESISTED AND NOW I FIND THAT THE BID IS DOWN TO 1.4P, I KNOW THAT I HAD A LUCKY ESCAPE AND AVOIDED BEING LOCKED IN.

Finding a wreck is one thing.

Economical recovery of said 14m is quite another as has already been shown.

They should stick to recovering lobsters.

BREAKING NEWS !!!

SUB directors explain a cunning plan to the long suffering shareholders as to how they intend to salvage the alleged $28 million of treasure which currently resides at a depth of 4,500 meters.

Well we're out of the football, so need something else to bet on. Look at it this way, the odds are very good however the chances of it coming in arn't... Here's to a good bet and another intersting story from the sea's.

The End is Nigh..........?

"Emphasis of matter - going concern

The Company's Independent Auditors in their review of the Interim Results for
the 6 months ended 30 September 2007 report:

'In forming our review conclusion, we have considered the adequacy of the
disclosures made in Note 1 of the financial statements concerning the ability of
the Group to continue as a going concern. In addition to the cash currently
available, the Group will require additional financing to remain operational for
the following 12 months. As set forth in Note 1 and the Chairman's statement,
the Directors continue to pursue a number of potential opportunities, however
should none of these opportunities prove viable and the group is liquidated, the
sale of assets may well fail to generate sufficient funds to settle the secured
creditors."

Just as well all the players here saw this coming, so no one will get caught then?

if any have been caught out, then they are damn fools and have only themselves to blame ..... as i said from the outset, this is (was!) a really exciting stock to watch, purely because its raison d'etre appeals to the ones boyish sense of excitement - like reading Treasure Island or watching thud and blunder films - but was never ever a sensible place to put any money at all.

In fine form for the New Year then Cynic.

been honing my skills over the mince pies doused in pure but fresh lemon juice!

Speaking as a damn fool, this should have been making money from the start. Look up Ice road truckers, making money from tv, films and online gaming and that's just delivering equipment to a diamond mine in Canada.

rubbish! ...... SUB was always an unacceptably (to me) super-high risk gamble .... for once, i will actually say, "Told you so!"

Hear hear dear Cynic!

good grief! .... really can't cope with someone agreeing with one of my put-downs ..... it's truly appalling for the image!!